US Plains HRW Wheat-Basis mostly steady as drought concern expands in Plains
CHICAGO, March 18 (Reuters) - Basis bids for hard red winter (HRW) wheat were unchanged in most markets in the southern U.S. Plains on Wednesday, though a rally in wheat futures had some farmers selling off the limited supplies they still had stored in bins, merchandisers said.
Protein premiums for railcar wheat to or through Kansas City were unchanged. KCBT/SCA
Weather forecasts called for temperatures to soar to much-above-normal levels late this week, including possible record highs, adding to concerns about drought conditions across the southern Plains.
Grain dealers said that demand from flour millers in parts of the U.S. Midwest had been steady, but that demand was expected to ease going into next month. Many flour mills are expected to take downtime around the Easter holiday on April 5, while some are also due to take downtime in April for maintenance and repairs.
K.C. May HRW wheat futures KWK26 settled up 19-1/4 cents on Wednesday at $6.26 per bushel. GRA/
Basis values are quoted against futures in cts/bu:
| Current |
|
| Previous |
|
| Cash |
| basis |
|
| basis |
|
| price |
KANSAS |
|
|
|
|
|
|
|
Wichita | -58 | + | K | -58 | + | K | $5.67 |
Newton | -83 | + | K | -83 | + | K | $5.43 |
Goodland | -90 | + | K | -90 | + | K | $5.36 |
|
|
|
|
|
|
|
|
TEXAS |
|
|
|
|
|
|
|
Gulf track* | 115 | + | K | 115 | + | K | $7.41 |
Galveston | 100 | + | K | 100 | + | K | $7.26 |
|
|
|
|
|
|
|
|
OKLAHOMA |
|
|
|
|
|
|
|
Enid | -30 | + | K | -30 | + | K | $5.96 |
Catoosa | 15 | + | K | 10 | + | K | $6.41 |
NOTES:
H = March, K = May, N = July, U = September
Z = December; UNQ = Unquoted bids
0 = Sp Option price; NC = No comparison
= No. 1 12% hard winter wheat, rail bids
= Ordinary protein, rail bids
LINKS:
K.C. HRW wheat protein scales KCBT/SCA
U.S. weekly wheat crop progress US/WHE
U.S. forward basis WHEAT/BASIS
U.S. Midwest cash grain PM GRA/PM
U.S. FOB Gulf Grain GRA/F
